EQUITY (Notes)

3 Months Ended

Mar. 31, 2024

Class of Stock [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Equity Issuances - On December 28, 2023, we settled under forward contracts 1,032,403 shares (289,403 from forwards related to our at-the-market equity distribution agreement and 743,000 from forwards related to underwriting agreements) of our common stock for net proceeds of $79.0 million.

In December 2023, we amended the forward sale agreement we entered into in March 2023 described below to extend the maturity date of 657,000 shares to December 31, 2024 from December 29, 2023. The amended forward sale agreement provides for settlement on a date, or dates, to be specified at our discretion, but which will occur no later than December 31, 2024, for 1,257,000 shares of common stock.

In September 2023, we entered into an underwriting agreement and two forward sale agreements for 1.2 million and 180,000 shares of our common stock, respectively. The forward sale agreements provide for settlement on a date, or dates, to be specified at our discretion, but which will occur no later than December 31, 2024.

In June 2023, we executed forward sale agreements under our current at-the-market equity program for 926,465 shares of our common stock.

In March 2023, we entered into an underwriting agreement and a forward sale agreement for 2.0 million shares of our common stock. The forward sale agreement provided for settlement on a date, or dates, to be specified at our discretion, but which will occur no later than December 29, 2023, for 1.4 million shares of common stock and by December 31, 2024, for the remaining balance.

In February 2023, we entered into an at-the-market equity distribution agreement under which we may issue and sell shares of our common stock with an aggregate offering price up to $300 million. This at-the-market equity program replaced our previous at-the-market equity program, which began in February 2020, and expired in February 2023. Sales of common stock are made by means of ordinary brokers’ transactions on the NYSE, in block transactions or as otherwise agreed to between us and the sales agent. We are under no obligation to offer and sell common stock under the program. At March 31, 2024, we had $225.5 million of equity available for issuance under the program.

The following table summarizes all of our outstanding forward sale agreements at March 31, 2024:

Maturity	Original Shares	Remaining Shares	Net Proceeds Available (in thousands)		Forward Price
December 31, 2024	926,465	926,465	$	74,634	$	80.56
December 31, 2024	2,000,000	1,257,000	96,982		77.15
December 31, 2024	1,200,000	1,200,000	89,056		74.21
December 31, 2024	180,000	180,000	13,348		74.16
Total forward sale agreements	4,306,465	3,563,465	$	274,020	$	76.90

Dividends Declared - In May 2024, we declared a dividend of $0.66 per share ($2.64 per share on an annualized basis) for shareholders of record as of May 20, 2024, payable on June 4, 2024.